For most of us*, “aging in place” in the home, whether at the end of life or due to an illness or physical or cognitive issue requiring extended care, is the preferred option.
That was the desire of my parents and with proper planning it can be an achievable goal with satisfactory results. The key issue is that you need to set up a plan, well in advance. Discuss your goals with your spouse, if you have one, as well as family members, particularly adult children, or trusted friend(s).
The reason planning for in-home care in advance, in your 50’s or before, is that there are a number of things to consider. First, there are no guarantees that you will be able to health qualify for a plan (particularly a Traditional LTCI plan). It is important to qualify for a plan before your health is compromised and makes you uninsurable or dramatically decreases your options.
Other considerations: Will my current home be compatible for in-home care. Does it have an open space floor plan with a main floor living arrangement? Another consideration is: Do I have the money set aside, or do I have an insurance plan or service plan in place, to pay of care support needs in my home?
Traditional long term care insurance, or what is referred to as a Tax-Qualified Long Term Care Insurance plan, will cover care needs for Home Care, including both Custodial Care for mobility issues and Semi-Skilled nursing care for cognitive issues and other health related issues. Traditional tax qualified LTCI plans also cover Assisted Living, Nursing Care and Adult Day Care, if required, up to the monthly maximum of the policy.
If you cannot health or age qualify for a traditional plan or simply want more of a supplementary plan for home care, you may want to explore short term home health care insurance, homecare hours of care membership plans or critical care insurance.
* Statistically about 70% of us who have a long-term care insurance policy start out with home care and of those, only 12% need to advance on to facility care. Source: Genworth Financial